NCOC talks reasons for exiting Kazakhstan's Kalamkas Sea oil field
BAKU, Azerbaijan, Oct.22
By Nargiz Sadikhova - Trend:
The decision of North Caspian Operating Company (NCOC) to abandon development of Kalamkas Sea oil field in Kazakhstan will not affect current activities of the company and its other existing projects, a representative of the company told Trend.
On October 21, 2019, the information that NCOC is abandoning Kalamkas-Sea oil field’s development plans has been announced.
According to the representative of NCOC, the decision to abandon field’s development plans was made due to the complex project economics.
“This decision will not affect NCOC’s current activities and existing projects in Kazakhstan. The company will go on paying especial attention to safe and sustainable oil extraction on Kashagan field for the benefit of Kazakhstan and the partners of NCOC,” the official said.
As company noted earlier this year, the plan for the development of Kalamkas-Sea oil field was to be submitted to the authorized Kazakh body for the approval in 4Q2019. It was expected that the development of the Kalamkas-Sea will be implemented by drilling of 30 wells, the number of which was selected following a necessary research and consideration of development variants.
Kalamkas Sea is Kazakhstan's offshore oil field located 150 kilometers northwest of the Buzachi Peninsula. It was discovered in September of 2002. Its geological reserves are assessed to be 159 million tons of oil.
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